THE BFI BOARD Clause Samples

THE BFI BOARD. 5.1 The Board should ensure that effective arrangements are in place to provide assurance on risk management, governance and internal control. The Board is expected to assure itself of the effectiveness of the internal control and risk management systems. 5.2 The Board must set up an Audit Committee chaired by a Trustee or, where applicable, an independent non-­‐executive member. The Audit Committee should support the Board and Accounting Officer by providing independent advice and assurance on risk management, governance and internal control. 5.3 Where the Board does not consider issues relating to staff remuneration itself, it shall ensure that an effective mechanism for such consideration exists, e.g. a remuneration committee or similar body performing the same purpose. 5.4 The Board is specifically responsible for: • ensuring that the BFI fulfils the aims and objectives set out in its Royal Charter and within the policy and resources framework determined by the Secretary of State; ensuring that the BFI fulfils its role and requirements as a distributor of National Lottery funds as designated under the National Lottery etc. Act 1993; • determining the steps necessary to deal with any developments which are likely to affect the BFI’s ability to fulfil its aims and objectives and keeping the responsible DCMS Minister informed if any such developments arise; • ensuring that any statutory or administrative requirements for the use of public funds are complied with; that the Board operates within the limits of its statutory authority, within the resources framework determined by the Secretary of State and any delegated authority agreed with the sponsor department, and in accordance with any other conditions relating to the use of public funds; and that, in reaching decisions, the Board takes into account guidance issued by the sponsor department; • ensuring that the BFI complies with the requirements of charity law where this applies; • ensuring that the Board receives and reviews regular financial information concerning the management of the BFI, is informed in a timely manner about any concerns about the activities of the BFI, and provides positive assurance to the Department that appropriate action has been taken on such concerns; • demonstrating high standards of corporate governance at all times, including using its Audit Committee to help the Board to address key financial and other risks; • appointing a Chief Executive, in consultation with the Secret...